Bond Market: Relaxation Continues in the Short Term (BKGR)

The Treasury, which is finely adjusting its issuances in a context of contained inflation and controlled financing needs, is expected to continue benefiting from this trend, according to BKGR in its recent note "Fixed Income Weekly." It was noted that during the latest auction, the Treasury raised a total of 2.91 billion dirhams (MMDH) from July 31 to August 6, which represents 65% of the initially proposed amount of 4.46 MMDH. This issuance involved maturities of 52 weeks and 2 years, with respective limit rates of 2.0529% and 2.2545%. This led to an increase in the primary rate by +1 basis point (bps) for the 2-year line and a decrease of -1 bps for the 52-week line, as specified by BKGR. In the secondary market, there were generally upward movements. The rates for 26 weeks, 2 years, and 10 years slightly increased by 0.1 bps, 0.09 bps, and 0.08 bps respectively. Meanwhile, the 20-year, 15-year, and 52-week lines showed respective declines of -0.91 bps, -0.91 bps, and -0.01 bps.